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Social Media in Financial Services 2010
Datamonitor, Feb 2010, Pages: 56
Fast paced advancements in web technology and the rise of social media have now given vast amounts of power to the consumer, which has huge implications for acquisition and retention. This report dispels some myths commonly held by FS providers surrounding social media's reach, purpose and value, and also highlights the dangers associated with a lack of adoption.
Scope
- Using extensive secondary and primary research, recent trends in social media and consumer appetites for its use in the FS space are identified
- Identification, and in-depth analysis, of assumptions commonly held by FS providers regarding social media's reach, purpose and value
- Discussion of the dangers associated with lack of adoption
- Provision of concrete actions for FS providers to take in order to integrate social media into a holistic retention strategy
Highlights of this title
In a world where social media is now hard to get away from, it is vital that FS providers acknowledge that it is no longer an option not to get involved with this medium in some way. Consumers are identifying with this channel above all other online services, so FS providers must increase their visibility here in order to be noticed.
In light of the extent to which the value of customer relationships can be influenced through this channel, and that 'trust breeds trust', as it were, by the same token it is vital that providers understand the volatility of trust as a concept and how easily it can be broken through misuse of personal information
Whilst it is clear that this channel remains the most popular source of advice amongst Generations X and Y, it is clear that the greatest growth is being seen in the older demographic segments, given their fast increasing awareness and the emergence of more tools to with cater to them.
Key reasons to purchase this title
- This report provides key insights into the opportunities presented by the social media platform and threats if ignored or misused.
- Primary and secondary data is used to profile how providers are, or are not, using the medium to their advantage, and highlight missed opportunities.
- The report provides actionable strategies as to how social media can be harnessed to better relate to consumers and boost long-term profitability.
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